A few thoughts re "back-up funding" :-Management has repeatedly...

A few thoughts re "back-up funding" :-

Management has repeatedly stated that it would be able to satisfy all the conditions precedent for the $95M facility, before the 31st Jan deadline (a Saturday!)

If the project "stands up", management should have had time to meet all conditions precedent for the $95M facility LONG before the end of January deadline?

To me, going to a "lender of last resort" at this time, smells of desperation. Is LYC having trouble meeting the loan requirements? OR is LYC perhaps aware that funds are not going to be available from their chosen lender even if LYC meets all requirements? If LYC knows this, surely they should inform the market / explain why they have gone to a "loan shark"?

If the $95M funds come through within the week as promised by management, why go to a "loan shark" at all, & not to a more reputable lender? And why rush it - with the $95M in the kitty, & the project construction advancing, if a little top-up funding were required, surely there would be more reputable "late-stage" lenders available.

With the downturn in the mining (etc) industry, the cost of the project should decline, rather than over-run!

To me, Mangement of this project has been incompetent - first the facility was to be built in China, then at a site in Malaysia, then a different site in Malaysia, then for something to look like progress, they spent the ~ $30M now deemed necessary (additional project funding?)on a (premature?) mining campaign. Then, despite Malaysia being closer than China, Management deemed that a (costly)concentration plant needs to be built at the mine-site. Delay after delay. Now, the "mess" with the Loan Facility" .......

But REE's (& uranium & oil) are commodities that should be in demand into the future ........ so maybe the "market" will yet save Management from themselves & a shareholder lynch party.

col8